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Cardano’s Hoskinson Slams Dogecoin for Lacking Utility – Says Price Is Being Manipulated by Whales

Cardano's Hoskinson Slams Dogecoin for Lacking Utility - Says Price Is Being Manipulated by Whales

While a majority of retail investors have celebrated Dogecoin rallying to all-time highs, Cardano founder Charles Hoskinson has warned that a massive amount of retail money will be lost very quickly.

Elon Musk’s favorite altcoin has skyrocketed in the last couple of days. In the last week, the asset has gained roughly 500%. Of this, 160% has come in the last 24 hours. The coin began the day around $0.13 but hit as high as $0.43 in intraday trading.

Cardano's Hoskinson Slams Dogecoin for Lacking Utility - Says Price Is Being Manipulated by Whales
DOGEUSD Chart By TradingView

A number of market leaders are, however, warning that the coin might wipe out the current gains as fast as they have come. Mike Novogratz, as we reported, warned that the current euphoria could end with a washout. Novogratz, the CEO of Galaxy Digital singled out XRP and Dogecoin in his comments.

Cardano founder Charles Hoskinson has also come out warning retail investors that DOGE is in a bubble. Hoskinson further stated that the current surge has been pushed by Elon Musk’s recent comments as well as a coordinated manipulation by a number of whales. In a video chat, the IOHK CEO stated,

“This is a bubble. The price of DOGE is not sustainable. It’s going to collapse and massive amounts of retail money is going to be lost very quickly”

In addition, once the bubble bursts, Hoskinson believes this will be a catalyst for lawmakers to get involved with the industry. This could end up hurting the entire industry even as it tries to gain legitimacy. He further slammed DOGE for not having any utility, capital, or development team, making it a copy of Bitcoin and unsustainable.

Elon Musk – Dogecoin’s lifeline

On April fools day, Tesla CEO Elon Musk stated that he would take Dogecoin to the moon, ‘literally.’ Many understood it for the light-hearted humor it was. However, the SpaceX founder shared on Thursday a photo of a painting by Spanish artist Joan Miró titled “Dog Barking at the Moon.”

With previous mentions of DOGE sending prices crazy, this likely triggered Friday gains. Curiously, the billionaire has in the past offered to buy Dogecoin to solve holder concentration to make DOGE the ‘currency of the internet.’

Since Elon Musk publicly supported DOGE, other top influential persons have also backed the digital asset. Mark Cuban is one of them, most recently revealing that his NBA sports team Dallas Mavericks saw sales in dogecoin increase by 550%. Furthermore, he confirmed that the team has never sold any of the coins received.

Dogecoin bulls are looking to climb as high as $0.50 in the short term with the long-term goal set at $1.

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Binance Burns 1M+ BNB, CEO CZ Reveals What’s Driving The Price Of The Token

Binance Burns 1M+ BNB, CEO CZ Reveals What's Driving The Price Of The Token

Binance exchange has given its native token holders another reason to celebrate holding BNB. In its latest quarterly BNB burn, the exchange has set a record with a total of 1,099,888 BNB wiped out from the total supply.

Binance Coin (BNB) has been one of the best performing altcoins in the market. Earlier this week, the now third-ranked coin reached an all-time high of $638. Unable to sustain gains, the coin has since slipped below $600. Bulls will be confident that following the record BNB burn registered a few hours ago, the altcoin will retest this high in the coming days.

Binance Burns 1M+ BNB, CEO CZ Reveals What's Driving The Price Of The Token
BNBUSD Chart By TradingView

The latest BNB to be burnt is significantly smaller than the last 6 periodic burns. But due to the rise in BNB prices, its US- dollar equivalent is a record $595,314,380, making it the highest ever.

With crypto adoption skyrocketing in the first quarter of the year, both Binance and BNB saw significant growth. In the last 3 months, BNB price climbed from $38 to a high of $638. Binance exchange recorded a 260% growth in traded volume and 346% in user registrations.

Binance Smart Chain gives another reason to hold BNB  

Binance Smart Chain – the exchange’s blockchain network – has seen tremendous growth in the past year. Seeing it as a viable Ethereum rival has continued to attract new projects and users. BNB token has gained from this growth as it’s the native token of the platform.

As Binance CEO Changpeng Zhao has been sharing in a blog post, BNB’s rise has been hugely fueled by Binance Smart Chain. The network has significantly gained from DeFi with the market leader Ethereum struggling to scale and keep transaction fees low. 

PancakeSwap, the leading DEX on Binance Smart Chain, has been part of this journey gaining more than 11,286.93% in the last 5 months. The chain’s dominance has been evident in every avenue starting with the daily transaction. BSC has recorded 4.9 million daily transactions, an incredible 300% more than Ethereum’s all-time record.

New unique addresses in the last eight months reached 64 million. Ethereum currently has 148 million addresses, proof that BSC is growing at an unprecedented speed. In the same period, the chain has hosted over 450 projects.

The CEO also highlighted the significant role that the chain had played in the growing number of dApp wallets. Across all platforms, there was a +639%. BSC had an average of 105,000 daily active wallets. Across the entire market, daily active wallets stood at 458,000.

CZ Binance celebrates notable innovations

Although BSC has been the most successful product, Zhao also celebrated other innovations that have contributed to the rise of the company. Some of these include Binance Pay, a service that allows for borderless peer-to-peer payments and merchant-based transactions and supports over 30 currencies.

Equally innovative is the launch of the Binance card which allows customers to pay for goods and services directly in more than 60 million outlets. The CEO also celebrated the launch of Binance Lite, which is a simpler version of the trading platform. This has made it easier for new users to buy, sell and deposit cryptocurrencies.

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Aftermath Of Coinbase Listing: Impact On Bitcoin So Far

Coinbase’s Active Users Spiked 117%, Sending Q1 2021 Revenue To A Whopping $1.8B

Undoubtedly, the financial and cryptocurrency news will be approached from different angles following the Coinbase listing. However, the summary of the whole story has the following impacts on Bitcoin.

As we’re all aware, Bitcoin is one of the points of interest for Coinbase. However, most governments including the USA, India, and recently Turkey have always been uncomfortable with Bitcoin since it dawned.

It’s understandable that governments like working with what they can control and regulate, legal tender and fiat currencies being some of the best examples.

Governments, via the Central Banks, use monetary policies to influence the economy, and that’s why legal tender and fiat currencies are preferred.

Control is certainly lost when cryptocurrencies come into play considering that they’re decentralized assets, and that’s why most jurisdictions have been crusading for an outlaw.

However, the Coinbase listing was a huge step towards Bitcoin’s legitimization as a mainstream financial instrument, hence it will be a hard task to take negative actions against Bitcoin.

A cordial relationship was witnessed when the USA government purchased a Blockchain analysis tool from Coinbase.

Following the Coinbase listing, pundits think that Coinbase may take advantage of the relationship to propel Bitcoin investors’ privacy rights.

Considering that Coinbase has strong Bitcoin roots, Bitcoiners have always wondered why Coinbase markets altcoins more than Bitcoin. Additionally, the relatively minimal Bitcoin stash in their balance sheet could also be an indication of disinterest in holding Bitcoin.

However, Bitcoin has been responding positively, following the Coinbase listing. This means that, in the short-term, a positive Coinbase stock performance could have a positive impact on the price of Bitcoin, and vice versa. This relationship may cause Coinbase to increase its Bitcoin holdings, ultimately popularising Bitcoin.

Even though the performance of Coinbase stocks may result in popularising Bitcoin, some pundits think that the same reason may affect the demand for Bitcoin.

It’s speculated that potential investors may shy away, awaiting the long-term performance of Bitcoin. They also think that investing in Bitcoin may not be prudent, thanks to the expected uncertainty as BTC tries to find balance.

From whatever angle you look at the relationship between the Coinbase listing and Bitcoin, it would be wise for investors to consider how this relationship will affect Bitcoin investment decisions.

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Bitcoin’s Exploding Value May Have Turned Bitfinex Hackers Into Multi-Billionaires

Bitcoin's Exploding Value May Have Turned Bitfinex Hackers Into Multi-Billionaires

Holding cryptocurrencies have made billionaires out of some of the leading figures in the crypto ecosystem. Usually, these crypto billionaires are CEOs of exchanges or long-term investors, but there is an anomaly this time, and the names or faces behind this billion-dollar status are still unknown.

Bitfinex hackers now have $7.5 billion worth of Bitcoin in their possession

These anonymous billionaires are famous for launching one of the largest cyber thefts in the last decade. And now, with Bitcoin’s value soaring to new levels, these hackers are going down in history as some of the richest Bitcoin hackers the world has ever known.

The 120,000 Bitcoin stolen by the hackers in 2016 was worth around $75 million at the time of the theft. Fast track to April of 2021, and the stolen Bitcoins are now worth $7.5 billion, making the hackers almost as rich as Sam Bankman-Fried who recently topped Forbes’s latest Crypto-billionaire list with a net worth of $8.7 billion. But how do these wealthy hackers spend the stolen fortune? They don’t, at least not within the last five years.

The “Bitcoin billionaires” may never be able to spend the stolen fortune

According to Adam Cochran’s assertion, the hackers may not succeed in cashing out without being caught.

“No exchange will process them. They can basically never be cashed out. The 2016 Bitfinex hack BTC are some of the most tracked and blacklisted funds in the world.” He explained. 

Apparently, moving Bitcoins from one wallet to another is the most that can be done for now, and the hackers are clearly taking advantage of that privilege.

When Bitcoin hit a new all-time high on Wednesday, Blockchain analysis platform WhaleAlert recorded the movement of 10,057 Bitcoin, traced back to the Bitfinex hacker’s address. The destination of the Bitcoins which were worth $632 million on Wednesday, was an unknown wallet.

As many crypto telegram users claim, the hackers may have intended to manipulate the prices with that move. Cochran laid this out in his tweet that reads: “This isn’t the first time that the whale has moved them during a market rally to cause panic and likely cash in a short.”

In 2019, an Israeli news outlet reported that two Israeli brothers Named Eli (31) and Assaf (21) Gigi, who were associated with the Bitfinex hack had been arrested. A year later, Bitfinex is still on the lookout for the remaining culprits as it offers a whopping $400 million in rewards to persons with useful information.

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Is The Elon Musk “Jet Fuel” Effect On GameStop Blowing Up Dogecoin?

Is The Elon Musk

When it comes down to factors that influence price rallies in the crypto market, nothing seems to come close to the “Elon Effect,” a term that has been used by industry enthusiasts to describe the impact that the world’s richest man has on digital currencies. The Elon Effect is very visible throughout Dogecoin’s price performance timeline.

He recently shared a cryptic tweet, which many have pointed to as the reason behind DOGE’s fresh upswing. From Coinbase’s chart, Dogecoin has rallied by 185% in the last 24 hours; the biggest price pump the currency has recorded in a single day.

The Elon Effect Doesn't Only "Jet Fuel" GameStop, It's Blowing Up Dogecoin
DOGEUSD Chart By TradingView

The tweet that triggered the bulls to react? A cryptic picture from the billionaire, in which a painting of a dog barking at the moon is captioned “Doge barking at the moon.” The Dog painting, which is currently being housed in the Philadelphia Museum of Art was created by the Spanish painter Joan Miró, who named it “Dog barking at the moon.”

To imply that Dogecoin has hit $0.38, and is currently headed towards 40 cents because of Musk’s tweet is a very valid take. One that the hedge fund manager David Einhorn could agree with, seeing as he recently wrote that Elon Musk was the jet fuel to GameStop.

In a letter to his investors, Einhorn writes in confidence, associating the highly publicized event of retail investors snatching $6 billion from Wall Street and throwing it into GameStop’s stock with Elon Musk and Chamath Palihapitiya’s input.

“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” he wrote, according to Business Insider.

Interestingly, Musk’s only input during the Gamestop saga was a short tweet “Gamestonk!!” which many instantly decoded as a show of support from the Billionaire.

Even as Musk downplays his impact on the market, analysts insist that highly influential figures like Musk can always sway market prices with their takes.

“But why Elon Musk?” Many have quizzed. Wondering why the billionaire’s impact in the cryptocurrency and stock market is more pronounced than his peers. Musk himself may not know the answer to that question as he himself undermines his influence in the market. But word on the streets of crypto-twitter has it that Tesla and SpaceX’s outstanding performance, as well as Musk’s welcoming reception to cryptocurrencies, are among the many reasons why he continues to “jet fuel” the market to new levels.

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Blockchain-based Medicinal Marijuana Startup GROW Kicks-Off Launch With NFT Giveaway

Medicinal Marijuana Startup GROW Launches With NFT Giveaway

GROW, a blockchain-based medicinal marijuana company becomes the new addition to the ‘Blockchain for the cannabis’ ecosystem. 

According to GROW’s whitepaper, the startup wants to merge cryptocurrency technology with medical cannabis to decentralize the traditional medicinal cannabis production and distribution process. By doing so, the startup hopes to bring tokenized marijuana to yield farming in decentralized finance (DeFi).

GROW has gotten things started by offering an NFT giveaway to celebrate its launch. The giveaway will be done in partnership with WeedHumor. The company is planning to give away a LAND plot NFT in their GROW House.

The contest ends on May 2, when the platform will randomly choose four winners from all the eligible signups. Interested persons are required to follow the official GROW Twitter account to participate in the contest. They are also required to retweet the giveaway tweet from their account with the hashtag $GROW, #WEEDHUMOR, #GROWHOUSE, and #NFT. These persons are also required to complete the official entry form and join the GROW community on Telegram.

In addition to the giveaway, users will also receive rewards for participating in various activities. Users will receive the native token through badges, collectibles, and offers by completing sets on the platform.

The GROW House platform offers users an opportunity to become cannabis farmers, virtually harvest plants, and earn the platform’s native token, the $GROW token and NFTs. The platform has a total supply of 100 million $GROW, of which 40 million has been allocated as farmable, 25 million for sale, 15 million for the team and 20 million for business development. 

Notably, users can use their GROW Tokens to buy GROW Seeds (NFT), including Indica, Sativa, and Hybrid seeds. The token used for the purchase will be locked for 32 days. During this period, the seed will grow into a mature plant and eventually become ready for harvest as a form of staking to earn more tokens. Owners can boost their plant every eight days by depositing further GROW tokens to the NFT. The platform offers users the ability to retrieve locked tokens along with the accrued interest. Owners can also sell their NFT plant on a secondary market. 

The startup is reportedly offering various elements that are ready for GROW token integration. These elements will form a more extensive ecosystem called ROOT. These elements will include JuicyBox, JuicyProducts, JuicyPartners, JuicyHigh Club, governance, farming rewards, and payment cards, and wallet 

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Dogecoin And XRP Markets Could Be In Store For ‘A Washout’, Mike Novogratz Warns

Dogecoin And XRP Markets Could Be In Store For 'A Washout', Mike Novogratz Warns

Wall Street titan and Bitcoin bull Mike Novogratz expects the crypto to reach $100K by the end of this year. Bitcoin has hit a new all-time high largely sparked by frenzies like the Coinbase debut on Nasdaq. The CEO and founder of Galaxy Digital has however warned that the current euphoria could lead to a washout.

There has been a major market frenzy in the wake of the Coinbase listing. The crypto exchange, trading under the ticker $COIN went as high as $429 on its debut, reaching a valuation of roughly $100 billion. Bitcoin gained over 5% to trade above $64,000, a new all-time high for the asset. Other top cryptocurrencies followed suit, with Ethereum which topping $2,400.

Novogratz has predicted that Bitcoin will continue in its upward trajectory topping $100,000 by the end of the year. He has further predicted Bitcoin will grow fivefold by 2024, placing it above $500,000. 

However, the former Goldman Sachs executive has fired a dire warning regarding the current bull market. He believes that the Coinbase-fueled uptrend could lead to washout in the near future.

Speaking at the Investing in Crypto Virtual Event hosted by MarketWatch and Barron, Novogratz stated, 

“In the next week, certainly we could have some volatility because of the excitement around Coinbase.”

He further singled out Dogecoin and XRP which have been exploding in the last few weeks. XRP ended its upward surge just under $2 after more than doubling in price in a week. Dogecoin, on the other hand, set a record 100% surge in a day to reach a new all-time high.

Dogecoin And XRP Markets Could Be In Store For 'A Washout', Mike Novogratz Warns
DOGEUSD Chart By TradingView

“I’ve seen a lot of weird coins like Dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now.”

Dip Incoming?

Novogratz, whose company has recently filed for a Bitcoin ETF with the SEC is however bullish on Bitcoin and Coinbase. His firm becomes the 9th firm to file for a Bitcoin ETF. Like many, he believes that Coinbase going public is monumental and a step in the right direction for the crypto industry.

Novogratz’s short-term predictions are in line with past trends. Whenever there has been a major development in the industry that led to a price explosion, this has been followed by a price correction. How far prices fall depends on the support and buying pressure that follows on the way down.

Dogecoin and XRP Markets Could Be In Store For 'A Washout', Mike Novogratz Warns
XRPUSD Chart By TradingView

For XRP, the future doesn’t solely depend on market forces. The crypto is the subject of a securities violation lawsuit by the Securities and Exchange Commission against Ripple Labs.

Ripple and its executives have been lodging small victories that could prove pivotal in the long run. These include a ruling by a New York judge denying the SEC access to the financial records of the company’s executives. With a new sheriff in town in Gary Gensler, who took over at the SEC, it remains to be seen which way the case swings.

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Waffle Exchange: Introducing Multiple Defi Services to Benefit The BSC Community

Waffle Exchange: Introducing Multiple Defi Services to Benefit The BSC Community

Waffle Exchange is the latest Dex project leveraging BSC as its base. This decentralized exchange has been designed with excellent features for the benefit of BSC community members. Its main distinguishing feature is the Waffle aggregator.

The Waffle aggregator is a new decentralized exchange tool designed to help Dex users purchase crypto assets in the BSC network at the best prices. How does this tool work?

Till now, investors have had to visit the different exchanges by themselves, scouting for their assets at the best prices. However, with the introduction of the aggregator, the investors’ work will be more accessible.

This aggregator is connected to multiple BSC-based decentralized exchanges like RSet, PancakeSwap, and JulSwap. Therefore, as the investor scouts for a particular asset, the aggregator examines all the Dexes’ prices and shows the market’s best prices.

Therefore, there will be top efficiency in the decentralized exchanges world since investors will see the exchange rates of assets from different Dexes on one dashboard.

Accordingly, Waffle will allow the user to purchase the token using the open trade icon directly. Creating direct links to exchanges helps bolster this aggregator’s simplicity and convenience, making it accessible to everyone, even beginner crypto users.

Waffle Hosting Top Defi Service

The waffle network, in general, is striving to be a one-stop-shop for many Defi services in the BSC network. Apart from hosting an aggregator, the platform has its exchange platform dubbed RSet.

The RSet exchange is providing the opportunity for users to swap assets. Although RSet’s development is already done, this network is still awaiting public launch. It will be hosting multiple crypto assets, and it’s also designed with utter simplicity for the everyday user.

Another vital feature of the platform is the yield farming and staking services.  However, according to the platform’s webpage, these services are yet to be fully developed. However, investors will be able to access these services and earn passive incomes once ready.

The Waffle exchange also hubs a crypto launchpad. Launchpads are common in the crypto world since they help new projects launch their ILOs, IPOs, and ICOs. This particular launchpad will help expand the BSC network’s growth by providing more projects with a fast, safe, and convenient platform for getting crowdfunds.

Waffle will also create another good way for investors to earn income in airdrops. The platform announced on Twitter that it would be releasing $1 million worth of $WAF to the community after the presale ends.

Unique System Governance

The platform’s governance is centred on the community, meaning the community participates in making decisions. This community is the $WAF token holders and pool participants. According to their website, the platform will conduct its governance in two ways.

Foremost, there is pool governance involving pool participants voting on the different parameters for individual pools. For instance, pool governance will help decide the swap fee, the decay period, and the pool’s price impact fee.

Second, there is a factory governance system designed for setting parameters guiding the entire platform. This governance will help decide the general aspects affecting the waffle network, including setting default standards for swap fee, impact fee, etc.

Participate in The Presale Starting Friday

$WAF is the primary utility token of the Waffle network and will be used in running various aspects of the platform. The public presale for this particular token is beginning soon, and all investors are invited to participate.

The presale is starting on 16th Friday, 2021, and the time is set at 00:00 UTC. The presale $WAF token valuation is every BNB is equal to 6666 $WAF. Accordingly, each wallet can buy a maximum of 10BNB in the presale. As seen in the private sale, the $WAF token is a high value and demand token; therefore, it would be better for investors to come in early.

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Nhash – Profitable Pool Mining Made Easy

Nhash - Profitable Pool Mining Made Easy

Mining is one of the best ways to earn cryptocurrencies, especially Bitcoin. This used to be easier, but the system is becoming more complicated with the use of ASICs and large electricity demands. With pool mining though, you can also earn BTC or any other cryptocurrency by sharing in miner revenue by contributing to the hashing power.

Nhash is one of the top mining pools and also the highest paying in the industry. Anyone can contribute to the hashing power of the pool and share in the revenue. This article highlights some of the key features of the pool that set it apart.

Features of Nhash

Flexible plans: You don’t have so much money to spare? No problem. Nhash has plans that are likely to suit you. There is the $100 for a 90-day period, $500 for a 180-day plan, $2,000 for a 360-day plan and $5,000 for a 720-day plan. All payments are made in BTC. If you are new to the system, you can start with the $100 plan to test the waters before making any serious investment.

Daily payout: Investing and waiting can make you anxious, but that doesn’t have to happen. With Nhash, payouts are done daily, so that you see the reward for your investment almost immediately.

 Easy withdrawal: You can easily withdraw your share of the profits as the payout is done. You don’t have to wait till the end of the month or have technical knowledge to be able to do this.

24-hour support: You may have questions about your investment every now and then. Nhash makes sure all your concerns are addressed with its 24-hour support that will answer any questions or address any concerns you have.

Data protection: Privacy has become an issue in the current digital age. Nhash makes sure your data is protected with the best technology and you can be sure any information you provide is well guarded. 

Instant connection: Once you sign up and choose a plan, you are instantly connected to the pool. You can start mining right away and start seeing your profits in 24 hours.

How to get started

You can join the pool in two easy steps as follows.

Create your ID: To do this, you need to sign up, which is very easy. All you have to do is provide your email and create a password. You can provide an invitation code if someone invited you, and then enter the verification code displayed and you are in.

Choose your plan: Next you need to choose a mining contract and the amount you need. Finally, make an order and start mining. 

Free coupon: There is a free $30 coupon if you sign up today, which you get upon signing up.

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Ethereum’s Proof-of-Stake Positions Ethereum Classic as Most Attractive PoW Chain for Wealthy Miners

Ethereum's Proof-of-Stake positions Ethereum Classic as most attractive PoW chain for wealthy miners

The arrival of Ethereum 2.0 could change the network in ways that community members have never seen before.

But the many ways in which this can happen cannot be thoroughly analyzed until the highly awaited upgrade launches successfully. However, miner behavior in the near term seems like a topic that prominent players can wrap their heads around, enough to at least predict where miners will be migrating to once the upgrade finally commences.

Ethereum Classic may become home to some of Ethereum’s wealthiest miners

Blockchain enthusiast and angel investor Adam Cochran, has made an informed guess, pointing at the Ethereum Classic Blockchain as the destination for Ethereum miners. With the launch of Ethereum 2.0 comes the proof of stake Blockchain. For miners who find it efficient to remain on the Ethereum network, proof of stake may just be their cup of tea. But for miners who intend to jump on another proof of work Blockchain, Ethereum classic may be their new home.

This is the viewpoint that Cochran holds. His tweet below encapsulates his overall prediction for some of the wealthiest Ethereum miners, who may want to secure their wealth acquired from mining on Ethereum’s proof of work chain. 

“I’ve been keeping a bag of ETC for a while because I think when we move to ETH2.0 PoS. We’re going to see a lot of wealthy miners shift to another PoW chain and ETC would be an easy narrative to put their wealth behind.” He reckons.

The future of Ethereum Classic is fundamentally bullish

His assertions are led by the price increase Ethereum Classic has experienced in the past weeks. Soaring by 66% in the last two weeks to now settle at $29.

Ethereum's Proof-of-Stake positions Ethereum Classic as most attractive PoW chain for wealthy miners
ETCUSD Chart By TradingView

The price of the asset is expected to continue in this line, as investment interest rises. Last month, Grayscale investment added over 130,000 ETC to its holdings.

Since Ethereum Classic forked from Ethereum, both chains have taken a different direction. While Ethereum 2.0 is headed towards improving its performance, Ethereum classic is reaping the benefits of its fixed monetary policy.

Although Ethereum 2.0 does not bring fixed supply to the network, the fifth EIP-1559 upgrade expected to follow the recently conducted Berlin hard fork, will reduce Ethereum’s supply significantly.

Meanwhile, Ethereum Classic still boasts of some exclusive benefits, one of which includes the ability for miners to avoid hitting the ‘Byzantine Generals Problem”, as the POW network creates an external physical signaling system; a feature not found on Proof-of-Stake networks.

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Turkey Bans Use Of Bitcoin For Payments, But This Could Be Backfiring

The US Government Could Ban Bitcoin, Billionaire Investor Ray Dalio Asserts

Turkey’s cryptocurrency ban has already begun to face resistance from a defiant crowd. To assume that the rebellion is temporary is to underestimate the necessity of cryptocurrencies in the lives of the masses. As we’ve seen before,  banning cryptocurrencies has always resulted in significant pushback from the affected, as such, the Turkish government may need to brace itself for the weeks ahead as citizens poke corners to find a loophole.

Turkey bans citizens from using cryptocurrencies

Turkey officially placed a ban on cryptocurrencies on the 16th of April. The Central bank of Turkey put out an official statement demanding that citizens refrain from using digital currencies to purchase goods and services in the country. Excerpts of the legislation published on the official Gazette reads; 

“Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance, and will not be able to provide any services related to such business models.”

The weakening of the Turkish Lira has caused citizens to turn to cryptocurrencies like Bitcoin, as they hunt for an inflation hedge. Many cited this as a driving factor behind the ban, speculating that the Turkish government may have acted out of fear. But a statement made by the Central Bank contradicts this viewpoint, at least enough to serve as a believable reason behind the governments’ actions for some.

“It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments.” The bank wrote in a statement.

Turkey could lose big businesses to other Crypto-friendly countries nearby

Whether the bank’s statement is an alibi or not, one thing is almost certain; Turkey will lose citizens and big businesses to other countries in the months ahead. PlanB, the founder of the Bitcoin Stock to Flow model, quickly backpedaled on his plans to visit the country, following the new development. 

“Cancelled my sailing holiday to Turkey. If this is how Turkey government treats property rights and steals from its own citizens.” He disclosed.

Turkish residents seem to be on the same frequency as PlanB, as many took to Twitter to establish their plans of exiting the country, should it be the only way they can remain in the business of using cryptocurrencies. 

Turkish annual inflation surged by 16% in March. With the Lira losing balance, investors and big businesses may leave the country’s economy to drown deeper as they search for greener pastures. PlanB notes this in the second part of his tweet“I can only imagine how Turkey government treats tourists (especially tourists that own BTC! airport checks, etc). Brains and capital will leave Turkey.”

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Two surprising topics are currently more pressing to BlackRock’s institutional clients than Bitcoin

Two surprising topics are currently more pressing to BlackRock's institutional clients than Bitcoin

Institutions exhilarated to dabble with cryptocurrencies, but not enough to go all in. The continuous Bitcoin purchases from institutions are enough to place one under the impression that interest rates from these firms have hit the roof, but BlackRock’s Larry Fink finds that to be misleading to a large extent.

His reason being that from his firsthand experience, institutional clients are thrilled about cryptocurrencies, but not interested enough to go all the way through.

Institutions Care More About Climate Change, Inflation

This is not the case for every institution as we’ve seen in the past months, but a fair share of the big dogs are not consciously hunting for the bone. Fink tells CNBC’s SquawkBox that from his pool of clients at Blackrock, where $9 trillion in assets are under management, climate change and inflation are the leading topics that institutions are interested in discussing.

Ironically, these days, with the economical crisis plaguing most part of the world, inflation and cryptocurrencies are often mentioned under the same breath, but with Fink saying “Our broad-based client relationships, we’ve had very little interconnectivity on the conversation on crypto other than a fascination,” that reasoning might be flawed.

Although Fink stands to be corrected, he brings his own analysis to the table nonetheless. “We’re studying it,” he says. “We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide. Maybe they’re talking to somebody else, so I don’t want to suggest that we have perfect information.” He added.

These institutions that Fink talks about may fall into the pool of institutions that analysts had previously claimed would not be influenced by their counterparts to buy Bitcoin.

Don’t close the books yet, there’s enough room for change

There are more than a handful of institutions in the United States, and over the past months, only a select few have made their way into the cryptocurrency market. But even though the crypto-market can only boast of the minority, the result of their arrival has been impeccable.

For one, Bitcoin at $64k is in part, a result of institutional accumulation. Tesla, Morgan Stanley and Goldman Sachs have been three of the highest profiled institutions to adopt Bitcoin in some form.

Ruling out the possibility that more institutions will become crypto-fans in the future will be inaccurate, as history has shown that the bigger players’ delayed arrival may be the result of risk management. For some, the stability in Bitcoin’s price could be the most important factor. For others seeing more hands hold could seal the deal. Regardless of what and how long it takes to float their boat, the wait has proven to be worth it time and time again.

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Chainlink releases new whitepaper — and it could be a game-changer for smart contracts

Chainlink releases new whitepaper — and it could be a game-changer for smart contracts

Chainlink has released a new whitepaper exploring new capabilities of applications and smart contracts. Dubbed Chainlink 2.0, it lays down how the project could evolve to enhance blockchain oracles with the emergence of hybrid smart contracts.

Chainlink 2.0 is the next step in the evolution of decentralized oracle networks. In the initial conception, Chainlink found value as an oracle network, connecting blockchain networks to the real world. The need for oracles within blockchain has blown up especially with the rise of DeFi. This requires Chainlink to be fast, reliable, and secure to achieve off-chain computation for more advanced smart contracts.

Hybrid smart contracts are the natural next step in this decentralized revolution, Chainlink cofounder Sergey Nazarov believes. Speaking to ZDNet, Nazarov revealed that despite the rise of smart contracts, Ethereum gas fees have continued to be the biggest challenge. Chainlink has been solving this through off-chain reporting in which data is stored in a different decentralized network. 

He commented, “Hybrid smart contracts are about combining blockchain smart contract application capabilities, and the off-chain world’s proof and data and computations. This is a big leap forward because it redefines what people can build.”

According to Nazarov, Chainlink aims to promote hybrid smart contacts after increased demand from developers for more advanced smart contracts. But this has also posed a few issues.

While on-chain computation offers privacy and security, it fails in scalability and high fees, especially on the Ethereum network. Off-chain computation on the other hand fails in privacy and security while promoting scale and lower fees. Nazarov believes that there will be a variation of this depending on developers’ preference.

Targeting DeFi and NFTs

Chainlink 2.0 will uniquely position the project to become a building block for the future of blockchain applications. The two areas Nazarov believes Chainlink could most impact are DeFi and NFTs, the two hottest sectors of crypto.

DeFi has continued to grow in the last year past the hype and now has over $57 billion in total value locked. Ethereum dominates this sector, with Compound, Maker, and Uniswap boasting billions of dollars in locked value. NFTs, on the other hand, has attracted the interest of the world’s leading brands and celebrities, from Paramount Studios to Jack Dorsey, Mark Cuban to Paris Hilton.

Before DeFi and NFTs, blockchain technology was just about tokens. Now, it powers a thriving financial system that’s threatening institutions that have existed for centuries. In the same way, Chainlink will lead a new revolution that will push the industry to the next level, the founder believes.

He remarked, “What’s going to define the new use cases is their ability to coordinate valuable outcomes across blockchains, and everywhere else. And that coordination is what hybrid smart contracts are really about.”

Prior to the launch of this whitepaper, Chainlink’s native token LINK hit an all-time high above $42 on Wednesday.

Chainlink releases new whitepaper — and it could be a game-changer for smart contracts
LINKUSD Chart By TradingView

At press time, the coin is up 15% and trading above $43. The latest move has seen it climb back to the top ten ranked coins. On top of the new whitepaper release, the price was last week boosted by Graph Blockchain Inc. purchasing LINK worth $500,000.

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Recent Bitcoin Pullback Provides Great Buying Opportunity Before Next Bullish Spike: Investment Fund Manager

Key Technical Indicator Signals Buying Opportunity For Bitcoin

Bitcoin broke out of a multi-week consolidation phase below $60K in the days just before the highly-awaited Coinbase listing and hit a new all-time high of $64,800 on Wednesday. The listing is viewed by many as a watershed moment for the cryptocurrency industry.

However, bitcoin has been retracing since then. The cryptocurrency is valued at $63,555 at press time. Nevertheless, the CEO of Vailshire Capital Management, Dr. Jeff Ross, sees this as a great buying opportunity before the next rally.

Recent Bitcoin Pullback Provides Great Buying Opportunity Before Next Bullish Spike: Investment Fund Manager
BTCUSD Chart By TradingView

Bitcoin Remains “Wildly Bullish”

Bitcoin bulls took a breather shortly after Coinbase’s debut on Nasdaq. The price of COIN started trading at $381 per share before skyrocketing to $424. This was followed by a drop to $310. This wild fluctuation disconcerted investors as the spot price of bitcoin fell.

In an April 15 tweet, Dr. Jeff Ross noted that BTC is still bullish and is very likely to resume its uptrend. He attached a chart that shows that the cryptocurrency is trading inside an ascending triangle — which is basically a bullish continuation pattern. Moreover, he pointed out that the on-chain metrics are quite strong for bitcoin.

The CEO, however, thinks bitcoin could plummet to the previous price ceiling around $61,250 before rising higher after flipping the said resistance level to support.

While the investment fund manager calls bitcoin a great buy, Ripple CTO David Schwartz has been offloading his BTC holdings as the premier cryptocurrency registers record highs since 2010.

Ripple CTO Has Been Cashing Out And Now Has Only 2% Of His BTC Left

In a Twitter conversation with a user going by the online alias MackAttackXRP, Schwartz revealed that he has been taking profits from his BTC coffers ever since the cryptocurrency first surged to $100. He continued to cash out as the OG cryptocurrency continued to hit new highs at $250, $750, $2,500, $7,500, $20,000 and $50,000.

But with bitcoin now above $60K, he only has 2% of his initial stash left. “That’s the downside of de-risking,” he noted

All in all, if Dr. Ross is right, the current correction is simply preparing bitcoin for a sharp move up. 

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